Jack Owns the Surface Rights for Rocky Ridge Ranch,but Does

question 1

Multiple Choice

Jack owns the surface rights for Rocky Ridge Ranch,but does not own the subsurface rights.Ginny owns the subsurface rights.Rocky Ridge Ranch has a historic barn,which is damaged when Ginny is excavating minerals from the ranch.Who is most likely responsible for the damage to the barn?

• A)Ginny only
• B)Jack only
• C)Ginny and Jack
• D)no one

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Definitions:

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use in financial reporting.

ASPE

The Accounting Standards for Private Enterprises (ASPE) is a set of accounting standards for private companies in Canada, providing guidelines on financial reporting practices.

Accrual Basis

An accounting method where revenues are recorded when earned, and expenses are recorded when incurred, regardless of when cash is exchanged.

Net Income

The net income of a business once all costs and taxes are subtracted from its total earnings.